ADANIGREEN / Q3-FY25 / claim-ledger

Audit the questions that mattered.

Adani Green Energy · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY25 · 2025-02-07Back to quarter ↗

Questions audited

Answered directly

71%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Anuj Upadhyay · Investec

partial

Full-year capacity addition target and battery storage strategy

We feel very strongly that we should be able to deliver approximately 5 gigawatts of new capacity this year. ... The remaining 1 gigawatt, plus minus, we talked about for this year will shift to the right.

Darshan Parmar · Jefferies

direct

Reduction in finance cost and deferred tax number

We had holdco bond, which we have repaid, and there was a large interest expense, which obviously is not in our books anymore. ... Normalized interest cost would be in the range of 9.2%-9.4% as of now for the current portfolio.

Nikhil Ngania · First Sentier Investors

direct

Nature of 5 GW commissioning plan and merchant capacity

Out of the solar, 75% of the PPA will be on PPA, and the remaining will be on merchant as well. ... When it comes to wind, all of it is merchant.

Nikhil Ngania · First Sentier Investors

partial

Impact of grid, ALMM, and DISCOM challenges on guidance

Transmission delays are very visible. ... ALMM will help localization, small cost increase of $0.02-$0.03. ... DISCOMs are getting a lot of PPAs signed; we have shifted strategy to participate in DISCOM tenders.

Nikhil Ngania · First Sentier Investors

direct

Whether to trim 6-8 GW commissioning guidance for next year

No, we'll keep it the same. I think the range is still the same, and we are looking to ramp up our existing run rate and not reduce it.

Nikhil Ngania · First Sentier Investors

partial

Non-Controlling Interest volatility explanation

Because of the distribution kicking in for the total payments, and because of that, the NCI had to completely do the reworking. ... There is an NCI control change which has happened.

Bharanidhar Vijayakumar · Avendus Spark

evasive

Sustainability of battery storage costs and irrational tenders

We have stayed out of it. ... We are not interested in these plain-vanilla projects. ... We take a calculated risk, and we want to be sure of our returns.

Love Sharma · J.P. Morgan

direct

Impact of November indictment on funding and refinancing

AGL is not a party to the litigation. ... Disbursements have very smoothly continued. ... We are in a very advanced stage of discussion with one of the domestic lenders, and we should be able to announce its completion in the next few weeks.

Guojun Ouyang · BNP Paribas

partial

Backup plan if domestic refinancing fails

We are working on one or two options for the refinancing. ... There are other options available to the company to get the refinancing completed on time.

Puneet Gulati · HSBC

direct

Run rate EBITDA for current 11.6 GW capacity

That would be about 10,000 crores of EBITDA that we will generate from the current 11.6 gigawatt capacity.

Puneet Gulati · HSBC

partial

Run rate EBITDA and debt after adding 5 GW

The run rate EBITDA should be INR 15,000 crore plus on that. ... The debt we are taking is basically typical 75/25 debt-equity ratio.

Puneet Gulati · HSBC

direct

Outstanding debt as of Q3

As of now, the net debt is around INR 57,000 crores.